ShareChat Parent Revenue Crosses Rs 1,000 Cr In FY26, Loss Narrows To Rs 672 Cr

Mohalla Tech, the parent of ShareChat, crossed Rs 1,000 crore in revenue from operations in FY26. Revenue grew 40.5% to Rs 1,016 crore from Rs 723 crore in FY25, after two years of slower growth.

The company still posted a net loss of Rs 672 crore, though that was 15.58% narrower than the Rs 796 crore loss in FY25.

What Actually Grew

For ShareChat, the chatroom feature where users interact through video calls, generated Rs 471 crore, or 46% of operating revenue. It grew 8.8% during the year.

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QuickTV added Rs 293 crore in subscription revenue. That line is new, and subscription income is recognised over the subscription period, which makes it more predictable than advertising.

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Advertising, the business ShareChat was originally built on in 2015, declined 13% to Rs 252 crore.

The Number That Should Worry

A 13% fall in advertising is the most important line in these results. ShareChat and Moj together reach more than 300 million users, and a platform with that audience should not be losing ad money.

Either brands are not finding the right inventory on the platform. Or they are moving budgets to short video rivals with better measurement. Both explanations point to the same problem for ShareChat.

Subscription revenue is growing, but it is coming from a different product. That means the social app itself is not yet monetising its own audience effectively.

Where the Money Went

The provision reversal of Rs 89 crore for doubtful assets took total income to Rs 1,105 crore. That is an accounting gain, not cash from customers, and it should be read separately from operating performance.

Business development expenses rose 8.7 times to Rs 335 crore from Rs 43 crore, which reflects the push into new verticals including microdrama.

Employee benefit expenses fell 16% to Rs 220 crore after layoffs over the past year. That comparison excludes ESOP costs of Rs 739 crore in FY26 and Rs 184 crore in FY25, which are non-cash.

The company also paid Rs 549 crore in interest on borrowings through debt securities. Total expenses rose 14.6% to Rs 1,777 crore.

The Unit Economics

For ShareChat’s parent Mohalla Tech, every rupee of operating revenue cost Rs 1.75 to earn every rupee of operating revenue in FY26, and its EBITDA margin stood at negative 84%.

That is an improvement in absolute loss but still a difficult number. A company spending 75 paise extra on every rupee earned needs either much faster revenue growth or a sharp cut in fixed costs.

The interest bill is the constraint. Rs 549 crore of interest against Rs 1,016 crore of revenue means debt servicing alone consumes more than half of what the business earns. For ShareChat that leaves very little room to absorb a bad year.

What to Watch

ShareChat has now been building for about eleven years. It was often described as a potential rival to Meta in India, and these numbers show how far that comparison still has to travel.

Three things will decide the next chapter. The first is whether QuickTV’s subscription revenue keeps scaling, because it is now the fastest-growing and most predictable line.

The second is the microdrama bet. The format is popular, but it is crowded and content-heavy, and business development spending at 8.7 times the previous year suggests the company is buying its way in.

The third is advertising. Until brands return to ShareChat and Moj in meaningful numbers, the 300 million user base remains an asset that the company has not converted into revenue.